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Janngo to Invest $4.3 million Funds Received from ANAVA in Women-led Businesses

By Oluchukwu Ikemefuna

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Janngo Capital Startup Fund (JCSF), has received funding from ANAVA, a Smart Capital subsidiary, to invest in Africa and manage gender equality. The fund is to support different sectors in Tunisia, a francophone country, as it is the first investment in a Pan-African fund.

ANAVA

Additionally, the investments will create opportunities for successful startups focusing on healthcare, education, and financial services. The eligible startups will have a high potential to make a positive impact on society. 

ANAVA Invests in Janngo Capital Startup Fund 

About Janngo

Janngo Capital Startup Fund was founded by Fatoumata Bâ Davos in 2020. She also serves as the executive chair of the company. Janngo uses technology and capital to upgrade development and achieve sustainable development goals in Africa.

Also, the company believes that venture capital is one of the powerful ways to achieve gender equality. Furthermore, the startup highlights that entrepreneurship is a critical engine to create job opportunities, especially for women and youths.

The company in 2022 stated that 56% of companies in its portfolio are women-led, and 54% are francophone.

Investors Backing ANAVA

ANAVA commits to invest in twenty-five Francophone countries to ensure the development of different sectors in the region. With a target size of €60 million, ANAVA has invested $4.3 million in the first Francophone African country, Tunisia.

Additionally, top notch investors support ANAVA, such as the European Investment Bank (EIB), Africa Development Bank (AfDB), and Proparco, and a €10 million first loss mechanism provided by the European Commission through the Boost Africa initiative.

Also, the Smart Capital Company says it’s Tunisia’s first euro-denominated fund of funds and a pioneering startup in Tunisia. The initial target size is €100 million (~$108 million), with Caisse des Dépôts et Consignations (CDC) investing €40 million ($43 million) and KFW contributing €20 million (~$22 million).

ANAVA First Investment In Pan-African Funds 

Alaya Bettaieb, Director General of Smart Capital, said “This is ANAVA’s first investment in Pan-African funds. It will help Tunisian Startups widen their market presence in growing Africa, and ANAVA build connections with other global players on the continent.”

Fatoumata Bâ also said, “An additional 4 million euros equity investment in Janngo Capital Startup Fund from Smart Capital will increase funding for innovative tech startups in Africa. Funding that are particular in Francophone countries and companies founded by women,”

In conclusion, she further said, “Additionally, this commitment directly contributes by investing in leading early-stage start-ups. This investment unlocks growth and positive economic, social, and environmental impact, in Tunisia and beyond.”

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

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